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Sullivan's severance package payments were withheld by AIG after the then Attorney General of New York, Andrew Cuomo, raised issues. [7] According to USA Today, "AIG CEO Martin Sullivan received $25.4 million in non severance related compensation between 2005 and 2007, including $322,000 for private use of corporate aircraft, $153,000 for car and parking, $160,000 for home security and $41,000 ...
AIG Financial Products Corporation (AIGFP) is a subsidiary of the American International Group, headquartered in New York, New York, with major operations in London.The collapse of AIG Financial Products, headquartered in Wilton, Connecticut, is considered to have played a pivotal role in the global financial crisis of 2008–2009.
After diminishing demand, and getting a £6.5m loan from the UK government in April 2005, the company went into administration. After the loss of 30,000 jobs, Nanjing Automobile Group bought the company's assets. Bayou Hedge Fund Group: United States: 29 Sep 2005: Hedge fund
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AIG's AIU Insurance unit has run a P&C insurance in the country since 1946, and is now the largest foreign nonlife insurer with 14,000 agents nationwide. [3] In retail auto and L&H space, AIG owns American Home and Fuji Fire and Marine Insurance company. [4] Since Jan 2018 AIU and FFM business units merged in AIG Sonpo.
AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000. [11] AIG was ranked 60th on the 2018 Fortune 500 list. [12] According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. [13]
The UK government made this takeover possible by waiving its competition rules. [10] Lehman Brothers declared bankruptcy on 15 September 2008, after the Secretary of the Treasury Henry Paulson, citing moral hazard, refused to bail it out. [11] [12] AIG received an $85 billion emergency loan in September 2008 from the Federal Reserve.